Octopus Electric Vehicles has expanded its financing arrangements with Lloyds, Morgan Stanley and Crédit Agricole CIB, bringing its total pool of EV funding to £2 billion as the company prepares to scale its fleet in the UK and Europe.
The announcement, made at COP30 in Brazil, builds upon the major funding line agreed with Lloyds in 2023, with the two additional lenders now backing Octopus EV’s next stage of growth.
See also: Monta Partners With Octopus Electroverse to Streamline Fleet and Workplace EV Charging
The company plans to increase its UK fleet from 40,000 to more than 75,000 electric cars as adoption rises across the region. Electric vehicles accounted for 25.4% of new car registrations in the UK in October — the highest monthly share recorded in 2025. Across the EU, 167,586 electric cars were newly registered in September, marking a year-on-year increase of more than 30%.
“Electric momentum is surging across the UK and Europe,” said Gurjeet Grewal, CEO of Octopus Electric Vehicles. “Every month, thousands more drivers are discovering just how affordable and enjoyable making the switch can be – and this fresh funding from Lloyds, Morgan Stanley and Crédit Agricole will allow us to bring even more zero-emission cars onto UK roads.”
Founded in 2021, Octopus EV provides an integrated leasing package that includes a vehicle, home charging installation, tailored EV tariffs and access to the Electroverse public charging network. The company also expanded into Germany recently as part of its broader international strategy.
See also: Octopus EV Names Gurjeet Grewal As Permanent CEO Following Record Growth And BYD Partnership
The UK government welcomed the announcement as part of its ongoing push to support the transition to zero-emission transport. “We’ve helped over 30,000 people go electric thanks to our Electric Car Grant since we launched it this summer, saving them cash with discounts of up to £3,750 on new EVs,” said Keir Mather, Minister for Aviation, Maritime and Decarbonisation. “We’re backing people and industry to make the switch with £4.5bn investment, and it’s great to see industry players like Octopus backing the EV revolution and getting more electric cars out on our roads.”
